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Petro-Victory Energy Corp. encounters hydrocarbons at the Lapacho well (Pirity Block of Paraguay)
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About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\n\n/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/\n\n\n\nCALGARY, Oct. 20,  2014 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX-V: VRY)\n\nPetro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV:VRY) is pleased to announce that the Lapacho well, located on the Pirity Block in Paraguay, has encountered hydrocarbons within the Icla Formation at a depth of 3,926 meters. Based on open hole logs run across the interval, these sandstones display average porosity of 6% and are heavily fractured.  A series of side wall cores recovered from the interval displayed good light oil or condensate shows.\n\n\"I am delighted with our accomplishments on both wells. The joint venture has demonstrated the ability to drill these high impact wells both on time and on budget. Furthermore, we are very pleased to have encountered hydrocarbons in this secondary target at Lapacho and we look forward to resuming drilling to the primary target, the Santa Rosa Formation.\" (Richard Gonzalez, Petro-Victory Energy CEO/Chairman)\n\nThe Icla Formation is not the primary target of this well. Once casing is set at a depth of 4,128 meters the operator plans to continue drilling in order to test the primary target within the underlying Devonian Santa Rosa Formation. As originally announced on September 4, 2014, this well is targeting a discrete, well-defined fault block trap within the greater prospect area. Drilling of the Lapacho well remains on time and on budget with TD projected in mid-November 2014.  The operator and Petro-Victory plan to flow test the potential oil or condensate bearing sandstones in the Icla Formation, as well as any other hydrocarbon bearing sandstones that may be encountered in the Santa Rosa after the drilling operations are completed.\n\nThe Operator, President Energy, PLC, and Petro-Victory plan to drill an additional exploration well contingent on the results of the first two wells.\n\nPetro-Victory Energy Corp. is a publicly held British Virgin Islands Company that trades publicly on the TSX Venture Exchange under the symbol \"VRY.\" Petro-Victory is an exploration and development company focused on the Pirity Basin in Paraguay. \n\nCa...